Facebook co-founder Eduardo Saverin owns a 4% stake in Facebook. At the highest end of the IPO valuation, his stake alone could be worth a whopping $3.84 billion.
According to The Blaze, as many as 7.5 times more people are renouncing their citizenship now as they did back in 2008. Many say this is to relinquish themselves from a massive tax burden that is set to go up even further next year.
Saverin will become a Singapore citizen. Singapore has a personal income tax BUT has no capital gains taxes which is what Saverin would be taxed when he sells his stocks.
I don’t blame Saverin for making this decision. I blame high taxes. When Liberals say they want to increase the taxes on the 1%, remember stories like this.